05/08/2016 Asia Business Report

Now on BBC News all the latest business news live from Singapore.

Go in for gold. We find out what Nissan is up to at the Olympic

Games. Cleared for takeoff. The Indonesian pilot who wants to be the

first female captain of her airlines. Good morning, Asia. Hello,

world. I'm Sharanjit Leyl. Welcome to Asia Business Report. And

Japanese carmaker, Nissan, is an official sponsor of the Olympic

Games. Its Chief Executive is Brazilian. They manufacture cars

there and it has given its latest model ahead of the Olympic ceremony.

But with Brazil's economy in recession, is it a good idea to

sponsor the Olympic Games? We don't doubt it is the right decision. The

objective from the beginning was to give more awareness to the Nissan

brand. At the moment we are starting our offensive in the country and

Latin America. It doesn't change anything. The market is down today.

Hopefully it will be higher 2- three years down the road. It is what we

are expecting. Awareness is the reason we are doing this. How does

Brexit and the falling sterling effect your business in the UK? We

will continue in Europe despite it. We cannot count on economic growth.

We have uncertainty on the new economic conditions which will

determine the relationship with the UK and Europe. As you know, this

will take many years to settle down. The market hates uncertainty. Ikan

expect some contraction in the UK market. Will you raise prices

because of Grexit? Without any doubt. If you are in a situation

where carmakers are building cars in Europe and selling them in the UK

and the pound is depreciating compared to the euro, you don't want

to have your revenue in pounds because you will be in a complicated

situation. The only way out of it even though nobody likes it is to

increase the price. I think that will be the case of many car

manufacturers. Most of them are producing in Europe to sell in the

UK. The Nissan boss may not be too pessimistic about leaving the EU,

but the vote press is spreading. The Bank of England has got the cost of

borrowing to a new low. -- cut. They also announced their biggest cut to

their growth for cast since they started making them in 1993. Let's

look at the details. Interest rates have been cut to their lowest level

in the rough 100 and 22 year history of the Bank of England. -- 322. It

is slashing growth predictions for pretty 17. It also unveiled a range

of additional measures, including buying an extra ?60 billion, $79

billion, of government bonds. That is as well as a ?100 billion scheme

designed to force banks to pass on lower interest rates to businesses

and consumers. By acting early and comprehensively, they can reduce

uncertainty, bolster confidence, halts the slowdown, and support

necessary adjustments in the UK economy. And interest rates could

fall even further, with the bank's monetary policy and Mickey

supporting additional drops if data shows the economy is deteriorating.

Following that decision, the pound fell 1.5% against the dollar.

Uncertainty surrounding the vote is also affecting oil prices. They

crossed the $50 mark about six weeks ago but they did a gain and earlier

this week fell below $40 a barrel. Let's look at it now. Above $40 a

barrel once again. A former Federal Reserve bank has said they bottomed

out but have they? I asked an industry analyst for his opinion. I

think the move up to $50, they can be taken as a signal the rebalancing

has begun. Now we can look forward to higher prices. We will look at

down global inventory. This rebalancing and focus has been put

primarily on crude oil and the Saudis. They have ignored the fact

that at the end of the day the end of the supply chain has to sell a

product. This has not been a good year for refining for the

downstream. We have had to wrestle with a surplus, a global glut in

refined products, especially gasoline. It has gone up to $50 in

crude oil. Product prices did not fall. As a result, we are in a peek

driving demands season in the US and still refiners are struggling. You

cannot ignore the fact that finished products are an important part of

the equation. Obviously, the fact is many people are focusing on the

crude oil. We know that the up is taking longer than you expected. It

will have a few bumps. Many moving parts have to fall into step for the

rebalancing to take place. In the US, when you see statistics like

drilling rigs coming back onstream, I mean, this $50 level was not a

surprise. Several independent producers said at this level it is

economic to produce in certain areas in the US. Right. $50, that is a

threshold, and we have gone over that level. At we have fallen back.

And now we have reached $40. I don't think he is much of an oil plundered

but he might be right on this one. 49, rebounding 8%. You mentioned

Greenspan, he said he thinks he bottomed out. But it is trading to

$50 a barrel over next years according to the forecast. That puts

US project is out of the picture, doesn't? -- addict is. That is a

bold call. Saying we are a range bound between 40 and $50 going into

pretty 17, that is risky. Jon Driscoll. In other business news,

financial regulators in New York have formally requested a meeting

with Goldman Sachs about billions of dollars it is alleged were paid

through a bond issue for a Malaysian state fund, 1MBD. US authorities

last month went to see is $1 billion in assets by the fund set up by the

Malaysian Prime Minister. A potential road block for Uber has

happened in Taiwan. They want Uber to leave the market. They say it has

misrepresented its business as an Internet based information

technology platform rather than a trepidation service. The final

decision is due next week. -- transportation. Indonesia is one of

the most hazardous places in the world. That doesn't take many young

people off the dream of being a pilot. This woman is 23 and wants to

be the first female cab than of their national carrier. She tells us

how she got her dream job as an airline pilot. -- captain. Hello, I

am protrusion. I am a pilot for Indonesia. Many people are against

women becoming pilot. Maybe they think they are not masculine enough

for the job. Even people in my own family have asked why I want to be a

pilot. But I have always been a risk taker. From a young age, I wanted to

explore many things. My father is a pilot as well. Since I was little I

have been flying with him around Indonesia. I sat in the cockpit and

watched him work. GUITAR MUSIC. I have travelled all over Indonesia,

all the way to Papua. I have been from the top to the bottom of the

country. I have been everywhere. Indonesia is incredibly beautiful.

There are many places that tourist never visit. Nowadays, everyone

wants to go overseas, but nowhere is as beautiful as Indonesia. 50, 40,

30... An element of fear is always there. Especially when there are

many plane crashes around the world. On land you are more likely to have

an accident. I try not to be frightened. If the pilot is

frightened then the passengers will be even more scared, right?

Sometimes, when there is bad weather, and I have to divert the

plane, we have to put safety first. They might complain, but we have to

do it. My goal is to be a captain. There are no women captains in the

fleet so that is my goal. I have to be the first female captain. I am

proud to prove that women and men are equal. Patricia. Let us take a

look at the markets now. As you can see, the Nikkei and the All

Ordinaries Index have both opened up, but ever so slightly. There is

caution heading into the US payroll report later today. That is it for

Asia Business Report. Thank you for watching.

Russia says the majority of its athletes have been cleared

to compete at the Rio Olympics despite the sfcandal